President Park Sang-woo of Korea Land and Housing Corp.(LH) said LH aspires to build 1 million residential units by 2030. He aims to boost the ratio of rental units in the country to 10 percent of the housing stock. More housing construction would not only help the people without homes of their own, he said, but it would also help the national economy grow, making LH a development planner and economy supporter. His remarks came during a ceremony to mark the initial year of his arrival at the company as the CEO, which took place on March 27 at the International Conference Room of the Korea Chamber of Commerce and Industry near South Gate in Seoul.
During a ceremony welcoming new public rental complex residents in Seoul, Acting President Hwang Kyo-ahn also said the government will seek to expand state housing support for low-income families and push for the construction of public housing exclusively for senior citizens.
"We will make our best efforts to address housing problems facing young adults by expanding public rental availability where they can live for extended periods without paying expensive rent," Hwang said during the ceremony near the complex in Gajwa, western Seoul.
The acting president said that this year the government plans to provide 120,000 public rental houses, an increase of 10,000 units from the original plan.
The new complex in Seoul is designed specifically for university students. It has 362 houses with 222 of them for university students and the rest for young adults, couples and senior citizens, complex's officials said. The rental fees are over 60 percent lower than those of private houses around the complex. Residents can stay at the complex for up to 10 years.
Friday's ceremony was attended by Land, Infrastructure and Transport Minister Kang Ho-in, Korea Land and Housing Corp. CEO Park Sang-woo and Rep. Kim Young-ho of the main opposition Democratic Party, as well as residents.
Purpose of Establishment
LH was established to spearhead the improvement of the quality of life and development of the national economy through the realization of stable housing for the country's citizens and the efficient utilization of the national land.
* To construct and supply decent and affordable housing units to the vulnerable and to improve their residential environment, as well as to implement tailored residential welfare programs;
* To develop housing land, new towns, Multi-functional Administrative City and Innovation Cities, as well as to execute projects aimed at regenerating cities in a bid to create comfortable residential spaces and urban environment;
* To develop industrial and logistics complexes, Kaesong Industrial complex, FEZs, and overseas land to boost national competitiveness and to create employment; and
* To perform land reserve and management, rental housing management, and land and housing “informatization.”
LH received an investment of 10.6 trillion won from the government and Korea Development Bank to stabilize the people’s residential welfare and help national economic development. LH has a legal capital of 30 trillion won, a paid-in capital of 15. 2 trillion, allowing it to perform the public projects in the interest of the people.
Organization and Workforce
LH's organization consists of HQs (9 divisions, 1 research institute, and 47 departments), 12 regional HQs, and 21 project divisions. Its 6,100 staff members specializing in land and housing are striving to systematically implement national land and housing policies.